REPUBLIKA.CO.ID, JAKARTA -- The Financial Services Authority (OJK) has urged the insurance industry to make the necessary preparations to face the impending challenges of competition from regional economic integration and the new policy of domestic regulators in 2015.

"Risk-based supervision (RBS) will be implemented next year. There will also be the ASEAN Economic Community (MEA) and a coordination of benefits (COB) with the Social Security Management Agency (BPJS), among others," Dumoly F. Pardede, the OJK's deputy commissioner on Non-Banking Industries, stated here on Monday (17/11).

Dumoly also cited other challenges to be faced by the insurance industry such as the supervision of Microfinance Institutions (LKM), among several others.

"It will be a real war to deal with the insurance sector in 2015. We have to unite our ranks. The OJK will be ready for how insurance products, through bank or known as bancaassurance, should be delivered fairly," he affirmed.